Evaluate Your Savings: Know what you want to spend for a down payment + closing costs. Down payments can range from $500.00 to 20% or more of purchase price and closing costs can range from 2.5% to 5% of your final loan amount.

Get Mortgage Pre-Approval: If you have a lender or banker to evaluate financing options and get pre-approved for a mortgage. Ask friends, family, or your REALTOR® if you need a lender.

Identify Your Timeline and Preferred Needs: Determine what you need and want based on location, amenities, schools, features, etc. as well as timing issues you may have.

Purchasing Process

If you are financing you must 1st seek pre-approval for a mortgage:Typical time frame1 to 2 days. You must know how much you can spend before you spend it. A pre-approval will require your credit to be pulled and for you to verbally supply details about your income and assets so that a Mortgage Loan Originator can determine how much you can qualify for and provide you with a pre-approval letter with preliminary terms of specific loan programs (FHA, Conventional, Portfolio, Jumbo, etc…)

If you are buying CASH you can easily bypass step #1 but must be prepared to provide Proof of Funds to show you have enough liquid assets to purchase w/o obtaining a mortgage.

Find a property:Typical time frame 1 week to 2 months. Depending on what you are looking for, the length of your search will vary. The average person sees 10-15 properties before deciding on one. Internet-savvy buyers save time by doing their ‘homework’ before their search. The average number of properties viewed before buying by our internet buyers is 4-5.

Make an offer on a Property and Negotiate Terms:Typical time frame 1 day to 1 week. This is where we will determine price, terms, and certain contingencies such as inspections, financing, appraisal, HOA etc… Everything is negotiable so inquire about assessments, fixtures, window replacements, air conditioners, rugs, floors, curtains, appliances, working fireplaces, washer dryers, etc...

Execute a Contract and Open Escrow with Deposit:Typical time frame 1 day to 1 week. Once the contract has been executed buyer makes a deposit to open escrow depending on the agreed upon term in the contract. The deposit amount can range from $500 to 20% down for deposit. All Escrow Deposit Funds are held by the Real Estate Company, Title Company, Escrow Company, or an Attorney and those funds are applied towards the closing on the designated closing date.

Apply for a Mortgage and Receive Commitment Letter from Lender:Typical time frame 1 to 3 weeks. Mortgage Loan Applications cannot be processed without a fully executed purchase contract and the following:

Satisfy Conditions on Mortgage Commitment Letter from Lender:The lender will have specific conditions that must be met before they will finance your purchase. These conditions can be appraisal, certain financial info, personal info etc… Once you and your mortgage loan officer have satisfied these conditions you are then issued a CLEAR-TO-CLOSE.

Schedule a Closing: Typically the closing date will already be agreed upon on the purchase contract but there are instances that allow for a buyer to close prior to the agreed upon closing date or extend the closing date if need be.

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